CONVERSION SUCCESSES.
It is still too early to judge as to the final outcome of the National Accounts at the end of next March, especially having regard to the probable resumption in December of our War Debt payments to the United States. Blit there is, I think, good reason to hope for at least an equilibrium in the Balance Sheet, while in the next year's Accounts we shall feel the good effects of the recent conversion of the 5 per cent. War Loan, and during the past week an outstanding feature has been .-the announcement by the Government of an issue of £150,000,000 in five-year 2 per cent. Treasury Bonds for the purpose of redeeming Treasury Bonds maturing shortly. Not only will the Government effect a great saving in interest by these operations, but the effect of the successful offering of 2 per cent. Bonds upon existing long-dated Government stocks has increased the chance of the Government being able to issue on very favourable terms any long-dated Loan which may be required to deal with the raising of the necessary sum for meeting cash payments due to dissentient holders of the old 5 per cent. War Loan.
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